Cryptocurrency As A Monetary System
There are many who question the legitimacy of cryptocurrency. This is something we see from the mainstream. However, we have to keep in mind what a monetary system is these days.
In this video I discuss how cryptocurrency and blockhcain are legitimate. This stems from the fact that one major part of a monetary system is a ledger, and blockchain provides this. Then we have the ability to communicate globally and we can see how this falls in line what what we have see over the past few hundred years.
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I couldn't find a link to the article. According to the author, stablecoins have transacted more value globally than PayPal and some of the other P2P payment services. I've read other articles that state that stablecoins are increasingly preferred for international payments as there are fewer hurdles to jump. I mention this as we can't very well have stablecoins without Algorand, Arbitrum, Avalanche, EOS, Ethereum, Flow, Hedera, Hive, Polygon, Solana, Stellar, Tezos, and even TRON.
The use case for crypto is proven in a roundabout way. The cryptocurrencies are merely the rails for commerce, not the currency itself.
If you have long been looking for the optimal balance between long-term investment in cryptocurrencies and earning, then you should learn more about hexn. Pay attention to the HODL solutions that this platform provides, because they really work. Thanks to HODL I have found stability and the opportunity to grow my cryptocurrency capital. I am very happy that I took the risk to use this platform.
Summary:
In this video, the speaker delves into a discussion about cryptocurrency as a monetary system. He highlights that despite some skepticism, particularly from mainstream circles, regarding the viability of cryptocurrency in comparison to central bank digital currencies (CBDCs), cryptocurrency is indeed a legitimate form of money. The speaker emphasizes that the value of currency does not solely come from central banks, as many major currencies operate under fractional reserve banking controlled by the commercial banking system. He argues that historical monetary systems were not always government-controlled but often by the private sector and businesses. The speaker posits that cryptocurrency, with its foundation in blockchain technology, is a valid evolution of money as it operates on a decentralized ledger within a digital network. He stresses that the utility and acceptance of a currency by the business community determine its value, rather than governmental endorsements.
Detailed Article:
The speaker initiates the discussion by focusing on the contrasting views between cryptocurrency and CBDCs, addressing the prevalent doubts about the former's viability as a monetary system. He underscores the misconception that currency value predominantly stems from the central bank and government's endorsement, highlighting the operational dynamics of fractional reserve banking within the commercial banking system. By debunking the notion that central banks are the sole arbiters of currency value, he sets the stage for a deeper analysis of historical monetary systems' reliance on the private sector rather than governmental control.
Drawing on the historical backdrop of monetary systems over the last 500 years, the speaker dissects the evolution of money and its control mechanisms. He asserts that the traditional ledger-based money systems have paved the way for the emergence of cryptocurrency, which transcends governmental oversight with its blockchain foundation. The speaker delineates how cryptocurrencies operate through decentralized ledgers on digital networks, akin to the classical ledger-based systems. By attributing value to a currency based on its utility and acceptance within the business community, he elucidates that businesses' pragmatic decisions dictate a currency's credibility and adoption.
Furthermore, the speaker delves into the practicalities of international business transactions, exemplifying why certain currencies like the U.S. dollar are favored for their liquidity, depth, and sophistication, rather than ideological reasons. He explores how businesses gravitate towards currencies that offer the most beneficial terms, facilitating seamless transactions and mitigating risks like foreign exchange fluctuations. By dissecting the complexities of financial products denominated in U.S. dollars and the subsequent market accessibility they provide, the speaker underscores the business-centric perspective that underpins currency preferences.
In conclusion, the speaker challenges the skepticism surrounding cryptocurrency as a viable monetary system, advocating that its embryonic stage denotes significant potential for future growth and acceptance. By emphasizing the inherent advantages of cryptocurrency for merchants and traders, he asserts that its decentralized nature and blockchain technology make it a comparable and potentially superior alternative to traditional fiat currencies. Ultimately, the speaker posits that cryptocurrency's value lies in its utility and practicality within the business ecosystem, heralding a new era of monetary evolution that extends beyond conventional governmental control.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.